Six Benefits of Cloud-Based Accounting Systems for Physician’s Offices

Six Benefits of Cloud-Based Accounting Systems for Physician’s Offices

With thedigital toolsavailable today, it probably comes as no surprise that technology can be used in just about everyindustry and in everyway within anaccounting department. But while somephysician’spractices and surgery centersmay be resistant tonew technologyand change that comes along with it, the efficiencies and results of modernizing your accounting system will be well worth it.

Modernizingan accounting systemmeanstoautomate typical time-consuming processes. For example,letuslook atanaccounts payable processingofa typicalphysician’s practice. In the past, theaccounts payableprocesswent something like this:

• Invoice arrives in the mail
• Bookkeeper entersitmanually into the accounting software
• Bookkeeper files the invoice untilit isready to be paid
• Bookkeeper monitors file of invoices to be paid
• Bookkeeper prints checkandattach to invoice and leaves on owner’s desk to be signed
• Signer reviews at some point and asks questions about anything unusual
• Check and invoices are returned to a bookkeeper
• Bookkeeper removes stub and files with invoice
• Bookkeeper places check-in envelope and mails

By implementing acloud-basedsolution, bills can bereceiveddirectly via email, automatically entered into the system, the signor can approve via an app on their phone, and bills are paid via check or electronic payment. This process also providesathoroughtrail from when the bill was received when it was paid andall ofthe approvals along the way.

Because these modernaccounting systemsare cloud-based, theyare able tohandleand processmultiple locations or entities andarecustomizableto meet yourpractice’sspecificneeds.Modernizing your system allows you to focus on patient service while having full knowledge of your practice’s financial standing andperformance.This is important in providing accurate and practical financial data that not only provides results of your financial condition but can also be used to benchmark with industry data. These accounting systemscanprovide a dashboard showing financial highlights and valuable analysis.

Benefitsofamodern accounting system include:

1. Accurate information on a timely basis
2. Increase financial visibility withinnovativetechnology
3. Accesstomeaningful analytics using industry benchmarking data for your specialty
4. Alleviatesthe burden of hiring, training and maintaining accounting staff
5. Transform your accounting and finance workflow digitally with technology
6. Increase and/or decreaseresources as needed
7. Smooth transition – open communication, dedicated staff/manager, proper planning and transition/training, detailed implementation plan

Using cloud-based accounting systemsreduces IT costs,risks,andhuman errorsbyprovidingadditional security, disaster recovery and backups at a lower cost than doing it yourself.

Cloud-based servicesalsoprovide flexibility, allowing you to work or access your data from anywhere at any time. The goal is to get away from the outdated, mundane tasks associated with bookkeeping and emphasize real-time processing; which means less paper, moreautomation, morecontrol, and greater efficiencies, allowingphysicians and office managersaccess to accurate and real-time analysis of theirpractice’sfinancial performanceat all times.You can get afinancial dashboard of your practiceor surgerycenter to give you a visual analysis of key performance indicator data and trends.

Learn more about modernizing your accounting system and automating workflows by completing the form below.